Method to disburse funds using retailer's point of sale system

Abstract

A unique and novel method is disclosed whereby funds are made available in a secure fashion to people who do not have bank accounts but want the security of a direct deposit system. Employers receive the benefit of the reduction in paperwork and increase in safety, and the employee receives also safety in obtaining funds at greatly reduced costs and fees to the employee. This system uniquely operates using the return or refund portion of a retailers POS system at the cash register or through their customer service desk. This method also works with people wanting to transfer funds to others in a safe manner with reduced fees. This unique method uses a single transaction process to reduce complicated back end systems hardware and architecture to calculate remaining balances. Vendors benefit from this system in that they are able to accomplish the number one goal of any retailer: getting the customers into their stores.

What is claimed is: 
     
         1 . A Method To Disburse Money Through a vendor's accounting system, said system capable of processing credits and debits, using the Refund/Return transactional function incorporated in said accounting system comprising;
 i. providing a networked computer server system to host a service, said service involves a requester who requests the transmission of funds belonging to said requester to be retrieved by a receiver at a vendor, said requester using translation means to communicate said request to said server system;   ii. receiving said funds from said requester;   iii. establishing a server system bank account at a financial institution whereby said funds from said requester are deposited and where said funds are further awaiting disbursement to said vendor;   iv. providing a means to receive and evaluate said funds received from said requester into said bank account, escrowing service fees from said funds as payment for said service, and creating a transactional identification code unique to said request and transmitting said identification code to said receiver;   v. securing said transactional identification code by requiring said requester to communicate to said receiver a personal identification number, said communication being accomplished externally to said server system;   vi. notifying said vendor that said requester desires to retrieve their funds from said vendor;   vii. providing a means for said receiver to validate said transactional identification code with said personal identification number and creating a unique matrix identification barcode that contains all pertinent information necessary to complete said request in vendor's said accounting system regarding said transaction in an encrypted form;   viii. creating a transaction on said vendor's accounting system that is reflected as a credit sale corresponding to amount of said funds, said transaction being referenced by said unique matrix identification barcode;   ix. allowing for said receiver to access said funds at said vendor by said receiver presenting said unique matrix identification barcode to said vendor for a single transaction whereby said receiver receives said funds at one time, thereby causing said vendor's accounting system to create a debit transaction through the refund process that is incorporated into said vendor's accounting system;   x. allocating said escrowed service fees to said vendor and said service; and   xi. recording completion of said single transaction that incorporates said unique identification barcode in said vendors accounting system and notifying said receiver and said requester that the transaction is complete through said transmission means.   
     
     
         2 . A Method To Disburse Money as in  claim 1  where said funds awaiting disbursement are disbursed to said vendor upon said creation of said credit sale transaction on said vendor's point of sale system. 
     
     
         3 . A Method To Disburse Money as in  claim 1  where said funds awaiting disbursement are disbursed to said vendor upon said creation of said debit sale transaction on said vendor's point of sale system. 
     
     
         4 . A Method To Disburse Money as in  claim 1  where said translational means for a requester to request the transmission of funds includes contractual obligations of requestor and receiver, electronic mail, SMS Text Messaging, social media, mobile phone applications, gift cards and shopping cart and where said request includes the amount of funds to be transmitted, at least one date of release corresponding to said amount of said funds and a personal identification number. 
     
     
         5 . A Method To Disburse Money as in  claim 4  where said request includes the selection of at least one partner vendor at time of request. 
     
     
         6 . A Method To Disburse Money as in  claim 4  where said request does not include the selection of at least one partner vendor at time of request. 
     
     
         7 . A Method To Disburse Money as in  claim 6  where said receiver selects at least one partner vendor at time of validation. 
     
     
         8 . A Method To Disburse Money Through a vendor's accounting system, said system capable of processing credits and debits, using the Layaway transactional function incorporated in said accounting system comprising;
 i. providing a networked computer server system to host a service, said service involves a requester who requests the transmission of funds belonging to said requester to be retrieved by a receiver at a vendor, said requester using translational means to communicate said request to said server system;   ii. providing a means for said receiver to validate said transactional identification code with said personal identification number and creating a unique matrix identification barcode that contains all pertinent information necessary to complete said request in vendor's said accounting system regarding said transaction in an encrypted form;   iii. creating a transaction on said vendor's accounting system that is reflected as a credit sale through a layaway process corresponding to amount of said funds along with a prescribed service fee paid by said requester, said transaction being referenced by said unique matrix identification barcode.   iv. receiving said funds from said requester;   v. providing a means to receive and evaluate said funds received from said requester into said vendor's accounting system, escrowing said service fees from said funds as payment for said service, and creating a transactional identification code unique to said request and transmitting said identification code to said receiver;   vi. securing said transactional identification code by requiring said requester to communicate to said receiver a personal identification number, said communication being accomplished externally to said server system;   vii. allocating and transmitting said service fees to a bank account for said vendor and a bank account for said service;   viii. allowing for said receiver to access said funds at said vendor by said receiver presenting said unique matrix identification barcode to said vendor for a single transaction whereby said receiver receives said funds at one time, thereby causing said vendor's accounting system to create a debit transaction through the refund process that is incorporated into said vendor's accounting system;   ix. recording completion of said single transaction that incorporates said unique identification barcode in said vendors accounting system and notifying said receiver and said requester that the transaction is complete through said transmission means.   
     
     
         9 . A Method To Disburse Money as in  claim 8  where said translational means for a requester to request the transmission of funds includes contractual obligations of requestor and receiver, electronic mail, SMS Text Messaging, social media, mobile phone applications, gift cards and shopping cart and where said request includes the amount of funds to be transmitted, at least one date of release corresponding to said amount of said funds and a personal identification number.